If youâve been watching the Okanagan Valleyâs housing market for a while, you know the past few years havenât been easy for buyers. First, it was skyrocketing prices, and now higher interest rates mean that people are qualifying for smaller mortgages than they could even six months ago.
Itâs caused many people to pause their plans, whether theyâre looking to upgrade to a bigger place, buy their first condo or refinance. But Senior Financial Advisor Tia Carlesimo says it may not make sense to wait.
âYouâll never find the perfect time to buy a home. Weâve come off an extraordinarily low-rate period, but in the grand scheme of interest rates, theyâre quite similar to rates we saw a decade ago.â
The home you want doesnât have to wait
The decision to buy a home involves more than just math. If your family is growing or you need a home office for your new flexible job, it may not make sense to wait for rates to fall. And even if the numbers on your mortgage application look tough, the right lender will understand that youâre more than just your salary.
âIf your mortgage application requires out-of-the-box thinking, your lender should be ready to get creative. Itâs a little more complicated to secure a loan for a mobile home on leased land or a home on First Nations reserve land, but we have the experience and flexibility to find a solution. Even if your mortgage is a few years away from renewal, talking with an advisor can help you understand if now is a good time to switch,â she says.
Carlesimo notes that if youâre on the fence about making a move and simply want to do some exploration, getting a mortgage pre-approval is a great way to gain an understanding of what you can afford while also locking in your potential mortgage rate for 120 daysâ helping curb any concerns of rates changing.
If youâve just started your own business or graduated from university, some financial institutions might not be willing to offer you a loan. But that doesnât have to be the end of the conversation.
âIf we have to decline an application, weâll continue working with that member to figure out how we can get them to a âyes.â Letâs get a savings plan together, letâs build that credit score, and letâs get that down payment working for you by investing.â
Taking a holistic approach to the home buying journey
âSome homeowners want to talk through every step, and others just want to drop off all the necessary information and let their advisor handle the rest. I always ask about their expectations, and Iâm happy to support any way I can,â Carlesimo says.
And while some lenders are hyper-focused on a single service, Valley First takes a more holistic approach.
âThe home buying journey goes far beyond a mortgage â itâs about building a strong financial foundation for years to come. I want to dive into retirement savings, your childâs education and your other life plans. Whether you are buying your first home or taking the next step in your homeownership journey, an Advisor ensures your mortgage integrates with your full financial picture, helping you continue to work towards your familyâs long-term financial goalsâ she says.
âWeâll look at every aspect of your unique situation to make the process seamless and stress-free.â
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